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BP Back in Business With Abu Dhabi Deal
...1,000 b/d. Both Japan and South Korea have a presence at Adco, while Chinese firms have more overseas experience than those from numbers two and three – Thailand and India. BP FINANCES RENEWED SPENDING SPREE When Total signed up to the renewed Adco concession, which expired in 2014, it paid a $2....
Volume: 59Issue: 51/52Published at Fri, 23 Dec 2016 -
Should I Stay Or Should I Go? Majors In The KRG
...at exploration is continuing, but progress has been minimal to date. However, the KRG lists Pirmam as “under appraisal” and it carried out drilling at the site in 2014. GAZPROM NEFT • Russia’s Gazprom Neft is the largest IOC to have a producing asset in the KRG. It took over from Ca...
Volume: 59Issue: 50Published at Fri, 16 Dec 2016 -
‘Iran Is A Risk…The US Is A Risk’ Total’s Pouyanné Speaks To MEES
...at people are exaggerating. Yes, we have seen a few rigs come back into the picture. But in the US today, you have 450 active oil rigs, it’s nothing compared to what we had in 2014, when it was around 1,400 [see chart, p20]. Yes, this is a potential dynamic, but I think it is not clear how many of th...
Volume: 59Issue: 47Published at Fri, 25 Nov 2016 -
KRG Sees Signs of Green Shoots In Its Troubled Oil Sector
...tural Resources Ashti Hawrami last month put the debt accrued to buyers in 2014-15 at $2.3bn, of which MEES estimates it has paid off around $200mn this year, meaning that this drain on finances is set to continue for years to come. KRG MAINTAINS EXPORT LEVELS DESPITE PRODUCTION WOES (‘00...
Volume: 59Issue: 46Published at Fri, 18 Nov 2016 -
Streamlined Oxy Set to Bag UAE Gas Expansion Project
...5% to 8% in 2017.” Capex in the first nine months of 2016 was just $1.99bn, down more than 50% on the same period last year and barely a third of the first nine months of 2014. OCCIDENTAL PETROLEUM: MENA PRODUCTION *DOLPHIN PRODUCTION COMES FROM QATAR'S NORTH FIELD. **EXCLUDES iRAQ, BA...
Volume: 59Issue: 45Published at Fri, 11 Nov 2016 -
US Firms Pull Back From The World
...ise production in 2017 whilst further cutting capital spending (capex) which is already, at just over $5bn for Q3 2016, 50% down on 2014 levels. Chevron’s 2014 capex spend was $40.4bn, it was $33.8bn for 2015 and “we will likely end [2016] below $25bn in capital outlays, in fact potentially coming in cl...
Volume: 59Issue: 44Published at Fri, 04 Nov 2016 -
Green Shoots Begin To Emerge As Oilfield Service Firms See Signs Of Revival
...15 3Q16 $bn % $bn % 2Q16 3Q15 2014...
Volume: 59Issue: 43Published at Fri, 28 Oct 2016 -
Iran Opens Pre-Qualification For Upstream Tenders
...mpanies from France, Japan, China and Russia have said they will bid according to the state-owned Fars News Agency (FNA). This will include Total, which has an MoU to appraise the field. State-owned China National Petroleum Corporation (CNPC) had been awarded the field in 2009, but was removed in 2014 ow...
Volume: 59Issue: 42Published at Fri, 21 Oct 2016 -
Shell Restarts LNG Exports From Gas-Strapped & Cash-Strapped Egypt
...ell, says ELNG exports all but ground to a halt in early 2014 with output from its offshore West Delta Deep Marine (WDDM) fields to the domestic market amid a growing gas shortage (MEES, 31 January 2014). This left a gaping hole in ELNG’s finances. Shell and its partners remain on the hook for $20...
Volume: 59Issue: 40Published at Fri, 07 Oct 2016 -
IOCs Stall KRG Investment On Renewed Payment Concerns
...15 2015 2014 2013 Kurdistan 5.1 -40.3 45.4 46...
Volume: 59Issue: 39Published at Fri, 30 Sep 2016 -
Tunisia: Output Slides, Firms Look For The Door Amid Instability
...stream output worldwide. In 2015 this produced 26.1mn cfd, 11% of Tunisian output. Though the field has been repeatedly shut-in due to local protests since 2012 (MEES, 23 May 2014), these have increased in duration and intensity since the start of 2016. Output has been “shut-in for most of the year to...
Volume: 59Issue: 38Published at Fri, 23 Sep 2016 -
Libya’s Wealth Fund In Leadership Showdown
...Libya’s Presidency Council (PC) has appointed an interim steering committee to administer the country’s main sovereign wealth fund, the Libyan Investment Authority (LIA). The move is an effort to clarify the lines of authority within the organization, which since 2014 have been split be...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Litigation
...A’s case against Goldman Sachs began in the UK High Court in June having been filed in 2014. The LIA alleges that the firm led the LIA to make derivative transactions that it did not understand and in which it lost billions of dollars in the financial market crash of 2008. It also alleges that in an ef...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
LIA Overseas Fund Calls For Partners
...e LAIP itself has been based in Malta since December 2014, when its Tripoli offices were overrun by fighting, and it has not been immune from the political struggles of a divided Libya. In the first half of 2015, the unofficial Government of National Salvation (GNS) in Tripoli petitioned courts in Ma...
Volume: 59Issue: 35Published at Fri, 02 Sep 2016 -
Libya: Zueitina Crude Shipment Threatens To Be False Dawn
...ntain about 3,080,000 barrels of crude oil and 180,000 barrels of condensate,” added NOC. The Zueitina terminal, which has an export capacity of 250,000 b/d, was shut down in April 2014 and has operated for only brief periods since (most recently in October 2015 MEES, 6 November 2015). It has been cl...
Volume: 59Issue: 34Published at Fri, 26 Aug 2016 -
Slimmed Down Oxy Emerges Following Divestments
...a proportion of overall Oxy production over the last 18 months and averaged 60% in Q2, down from 65.8% a year ago. Gas has seen its share rise from 24% to 27.4% over the same period, its highest share since Q1 2014. However, Oxy’s divestment of its Bahrain asset, the Awali field, last month will re...
Volume: 59Issue: 32Published at Fri, 12 Aug 2016 -
Oilfield Services Firms Forecast Upturn As Industry Looks To Overcome Crisis
...low levels (MEES, 8 July). Middle East resilience – and deep pockets – has seen the region’s share of each company’s revenue grow since the third quarter of 2014. Schlumberger’s Middle East share of revenue has risen to 33.6% in Q2 16 compared to 23.5% in Q3 14, while Halliburton’s has risen to...
Volume: 59Issue: 30Published at Fri, 29 Jul 2016 -
Apicorp And Bahri Plan $1.5bn Saudi VLCC Shipping Fund
...versified and investment-led economy. “This fund will not only reduce Saudi Arabia’s dependence on external crude carriers, but also its earnings will be reinvested in the local economy,” says Mr Mufadhi. BAHRI/ARAMCO DEAL Bahri took over Saudi Aramco’s Vela shipping unit in 2014, in an ag...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
GCC Bonds’ Bumper Year: 1H16 Surpasses All Previous Full-Year Historic Highs
...Saudi Arabia’s SAMA for whom net foreign reserves dropped from a peak of $732bn in August 2014 to $581bn at end-April 2016, where it remained in May (see p20). The kingdom’s budget deficit soared from around $14.4bn in 2014 to a record $98bn last year (MEES, 8 January), and it has budgeted fo...
Volume: 59Issue: 29Published at Fri, 22 Jul 2016 -
Kuwaiti Oil IPOs: An Unlikely Prospect
...eld, after having previously secured a TSA to work on the field in November 2014 and in March announced a vague agreement “to study opportunities for joint investment” domestically and internationally (MEES, 1 April). Shell meanwhile has one ETSA to develop the heavy Ratqa field – which will de...
Volume: 59Issue: 28Published at Fri, 15 Jul 2016